The USD/JPY pair continues moderate growth, renewing record highs. The instrument is holding near 161.65, while trading participants expect new drivers to appear on the market.

USD/JPY quotes continue their upward movement with a target of 161.70 after the publication of American data on the Personal Consumption Expenditures — Price Index.

The USD/JPY pair is trading within a long-term uptrend: this week, the price has consolidated above the 159.37 mark (Murrey level [6/8]), however, growth is restrained by a number of opposite factors.

Growth is possible.

On the daily chart, the third wave of the higher level (3) formed, a downward correction ended as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) forms. Now, a correction has ended as the fourth wave of the lower level iv of 3, and the fifth wave v of 3 is forming, within which the wave (iii) of v is developing. If the assumption is correct, the USD/JPY pair will grow to the area of 165.00–170.00. In this scenario, critical stop loss level is 155.78.

Amid poor Japanese macroeconomic statistics, the USD/JPY pair is correcting in an upward trend at 158.38.